Section 44ADA of ITA, 1961 : Section 44Ada: Special Provision For Computing Profits And Gains Of Profession On Presumptive Basis
ITA, 1961
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Explanation using Example
Imagine Dr. Smith, a dentist residing in India, whose total gross receipts from his dental practice in the previous year were ₹40 lakhs. Under Section 44ADA of the Income-tax Act, 1961, Dr. Smith can opt for a presumptive taxation scheme because his gross receipts do not exceed ₹50 lakhs.
By choosing this sche...
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